ConocoPhillips Energy Corporation
Location: Houston, Texas, United States Founded: August 30th, 2002 Key People: Ryan Lance (Chairman & CEO) Employees: 11,400 More About The Manufacturer: In 2002 Conoco Inc. and Phillips Petroleum Co., whose headquarters were in nearby Bartlesville, Oklahoma merged into ConocoPhillips. Numerous state corporation filings are identified as "Continental Oil Co." and "Continental Oil Corp." and "Continental Oil Co. of Texas" as recorded with the Texas Secretary of State and Delaware Secretary of State. The merger of San Jacinto Petroleum Corp. and Continental Oil Corp. is recorded in 1964 with Delaware Secretary of State. In 2005, ConocoPhillips began rebranding its (Union) 76 gas stations, which Phillips had acquired from Tosco Corp. before the merger with Conoco. The move prompted a petition campaign by fans hoping to save the historic 76 orange ball signage. In March 2006, ConocoPhillips bought Wilhelmshavener Raffineriegesellschaft mbH in Germany, and Burlington Resources in the United States. On May 10, 2006, Richard Armitage, former deputy secretary of the U.S. State Department, was elected to the board of directors of the ConocoPhillips oil company. In late 2009, the company announced asset sales to increase investor returns. Included are debt reduction and stock buyback. In March 2011 the program was enlarged up to $10 billion in assets sales in the next two years. ConocoPhillips intends to implement a floating liquefied natural gas facility by 2016–2019 and has completed a quantitative risk analysis of a design that will undergo a pre-feed study in 2011. On July 14, 2011, ConocoPhillips announced its intent to separate the company's upstream and downstream businesses into two stand-alone, publicly-traded corporations, with the intent of maximizing shareholder value. On May 1, 2012, all midstream, downstream, marketing and chemical operations were separated into a new company named Phillips 66, headquartered in Houston. As a result, ConocoPhillips continued its operations as an upstream (exploration and production) company. In April 2012, ConocoPhillips sold its Trainer Refinery to Monroe Energy LLC, a subsidiary of Delta Air Lines.In January 2013, Conoco announced that it would sell its Rocky Mountain assets to Denbury Resources for $1.05 billion. In 2017, Conoco sold oil sands assets in Canada to Cenovus Energy and natural gas fields in the U.S. for a total of US$16 billion to help reduce debt and fund US$6 billion share purchases. As a result, it also led to a reduction of close to 30 percent of its proved oil and gas reserves. In May 2018, ConocoPhillips seized assets belonging to the Venezuelan state oil company PDVSA from the Isla refinery on Curacao to collect on $2 billion owed them since a 2007 court decision. In March 2019, the World Bank ruled that Venezuela must pay ConocoPhillips $8.7 billion to compensate for the 2007 expropriation of oil assets. Even though the lost the fuel supply contract for NASCAR after they decided to go with Sunoco in the early 2000's, ConocoPhillips is quite a well-remembered fuel company that were even had their brands at such tracks like New Hampshire and Las Vegas. Category:North American Fuel Suppliers Category:American Fuel Suppliers Category:Fuel Suppliers